fafsa f undamentals 2015-2016. paying for college paying for college no matter who you are, you can...

FAFSA FAFSA FUNDAMENTALSFUNDAMENTALS

2015-20162015-2016

Paying for CollegePaying for College

• No matter who you are, you CAN go No matter who you are, you CAN go to collegeto college

• College is an investment in your College is an investment in your futurefuture

• Many forms of financial aid are Many forms of financial aid are available to help you pay for your available to help you pay for your educationeducation

What’s Financial What’s Financial Aid?Aid?

Financial aid is money to help you pay Financial aid is money to help you pay educational expenses, such as:educational expenses, such as:

• TuitionTuition• FeesFees• BooksBooks• Room and boardRoom and board• TransportationTransportation• Personal costsPersonal costs

What Do You Think?What Do You Think?

What was the total amount of What was the total amount of financial aid awarded by financial aid awarded by Oklahoma State University during Oklahoma State University during the 2013-2014 academic year? the 2013-2014 academic year?

This includes all grants, loans and This includes all grants, loans and scholarships in their scholarships in their undergraduate, graduate and undergraduate, graduate and veterinary programs.veterinary programs.

Over $310 MillionOver $310 Million

How Do I Apply?How Do I Apply?

Free Application for Free Application for Federal Student AidFederal Student Aid

• The The FAFSAFAFSA is your first step is your first step

• Use it to apply for most types Use it to apply for most types of federal and state aidof federal and state aid

Find the FAFSAFind the FAFSA

• OnlineOnline – Visit – Visit FAFSA.govFAFSA.gov

• Print a copy Print a copy – Go to – Go to FAFSA.govFAFSA.gov; ; click click FAFSA Filing Options FAFSA Filing Options to to print a paper FAFSAprint a paper FAFSA

• Request a paper copy Request a paper copy – Call – Call 800.4.FED.AID800.4.FED.AID or or 800.730.8913800.730.8913 (TTY) to request (TTY) to request copies in English or Spanishcopies in English or Spanish

FAFSA.govFAFSA.gov

Why Online?Why Online?

• Faster processing timeFaster processing time

• Save your application and return to it Save your application and return to it laterlater

• Built-in error catcher means fewer Built-in error catcher means fewer delaysdelays

• Yearly online renewalYearly online renewal

• Help and Hints Help and Hints boxes provided with boxes provided with every questionevery question

• Electronically sign using your Personal Electronically sign using your Personal Identification Number (PIN)Identification Number (PIN)

What’s a PIN?What’s a PIN?

• Request a Request a Personal Identification Personal Identification Number (PIN) Number (PIN) from from FAFSA.govFAFSA.gov

• Typically sent via email within 24 Typically sent via email within 24 hours after your requesthours after your request

• Student and one parent must each Student and one parent must each have a PINhave a PIN

• Use the same PIN when you:Use the same PIN when you:Renew your FAFSA the following yearRenew your FAFSA the following yearSign an online loan applicationSign an online loan application

Getting a PINGetting a PIN

Requested FAFSA Info Requested FAFSA Info

• Social Security NumbersSocial Security Numbers

• Tax, income and other financial Tax, income and other financial informationinformation

• Marital statusMarital status

• Citizenship statusCitizenship status

• AssetsAssets

• Level of parents’ school completionLevel of parents’ school completion

• Selective Service registrationSelective Service registration

Don’t Miss DeadlinesDon’t Miss Deadlines

• FAFSAFAFSA – Check with your school’s – Check with your school’s Financial Aid office for any priority Financial Aid office for any priority deadlinesdeadlines

• State Aid State Aid – State deadlines can be – State deadlines can be found at found at FAFSA.govFAFSA.govOklahoma’s deadline for the Oklahoma Oklahoma’s deadline for the Oklahoma

Tuition Aid Grant (OTAG) is Tuition Aid Grant (OTAG) is March 1March 1

FAFSA PROCESSFAFSA PROCESS

FAFSA SectionsFAFSA Sections

• Login and PasswordLogin and Password• Student DemographicsStudent Demographics• School SelectionSchool Selection• Dependency StatusDependency Status• Parent DemographicsParent Demographics• Financial InformationFinancial Information• Sign and SubmitSign and Submit• ConfirmationConfirmation

FAFSA LoginFAFSA Login

FAFSA 2015-2016FAFSA 2015-2016

Set Your PasswordSet Your Password

Student DemographicsStudent Demographics

Use your full Use your full name as name as shown on your shown on your Social Security Social Security cardcard

Be accurate Be accurate when entering when entering your birthdateyour birthdate

Enter your Enter your marital status marital status as of the day as of the day you submit you submit your FAFSAyour FAFSA

Help and Hints Help and Hints boxes are located boxes are located on each screenon each screen

Selective ServiceSelective Service

Eighteen year Eighteen year old males old males must register must register with Selective with Selective Service in Service in order to order to receive receive financial aid financial aid

You can elect You can elect to register to register here on your here on your FAFSAFAFSA

High School NameHigh School Name

Search for high Search for high schools by schools by name, city or name, city or statestate

If you have a If you have a high school high school diploma, you diploma, you must includemust includethe school from the school from which youwhich yougraduated graduated

College SelectionCollege Selection

You can sendYou can sendyour FAFSA to your FAFSA to 10 different10 differentcollegescolleges

You can searchYou can searchcolleges by colleges by name, city or name, city or statestate

A search was A search was done here on done here on Rose State Rose State CollegeCollege

College SelectionCollege SelectionA search done A search done on colleges in on colleges in LawtonLawton found 5 found 5 schoolsschools

Two were added Two were added and they will and they will receive your receive your FAFSA resultsFAFSA results

Click Click View View Selected Selected School School Information Information to get a to get a comparison of comparison of your choicesyour choices

School ComparisonSchool Comparison

Housing PlansHousing Plans

Provide Provide Housing Housing Plans Plans for each for each school you’veschool you’vechosen to chosen to receive your receive your FAFSA results FAFSA results

Your options:Your options:•On campusOn campus•Off campusOff campus•With parentsWith parents

Dependent or Independent?Dependent or Independent?

Your answers Your answers to these to these questions will questions will determine your determine your dependency dependency statusstatus

If you’re If you’re unable to unable to answer answer YESYES to to one of these one of these questions, questions, you’ll be you’ll be considered a considered a Dependent Dependent StudentStudent

Dependency Status Dependency Status

• Dependent students Dependent students must must provide parental information on provide parental information on the FAFSAthe FAFSA

• Independent students Independent students aren’t aren’t required to show parental required to show parental information unless requested by information unless requested by their schooltheir school

Special CircumstancesSpecial Circumstances

If you’re a dependent student and unable to provide parental If you’re a dependent student and unable to provide parental information, indicate that here. It’s highly recommended that you information, indicate that here. It’s highly recommended that you

speak to the Financial Aid office at the college(s) you’ll attend, speak to the Financial Aid office at the college(s) you’ll attend, however. Most schools have specific procedures they follow to handle however. Most schools have specific procedures they follow to handle

this question.this question.


Exceptions to Exceptions to the rule for the rule for parental parental information are information are shown hereshown here

Contact your Contact your Financial Aid Financial Aid office for more office for more detailsdetails


• Change in employment statusChange in employment status

• Unusual medical expenses not covered Unusual medical expenses not covered by insuranceby insurance

• Change in parent marital statusChange in parent marital status

• Unusual dependent care expensesUnusual dependent care expenses

• Unable to obtain parental informationUnable to obtain parental information

Parent InformationParent Information

• If your LEGAL parents (biological If your LEGAL parents (biological and/or adoptive) are separated or and/or adoptive) are separated or divorced divorced – Use information about the – Use information about the parent you lived with most during the parent you lived with most during the last 12 monthslast 12 months

• If you lived with both divorced If you lived with both divorced parents equally parents equally – Use information for – Use information for the parent who provided you the most the parent who provided you the most financial support in the last 12 monthsfinancial support in the last 12 months

• If your divorced parent is If your divorced parent is remarried remarried – Use information for your – Use information for your parent and step-parentparent and step-parent

Parent InformationParent Information

Parent DemographicsParent Demographics

Parent will enter Parent will enter first initial and first initial and last name as last name as shown on their shown on their Social Security Social Security card. Name and card. Name and date of birth will date of birth will be verified with be verified with the Social the Social Security Security Administration.Administration.

Parent DemographicsParent Demographics

Household size Household size will include will include those living those living with your with your parent(s) who parent(s) who receive more receive more than half of than half of their support their support from them and from them and will continue to will continue to receive this receive this support support through through June June 30, 201630, 2016

Parent can choose Parent can choose a tax filing status: a tax filing status: -Already completed-Already completed -Will file-Will file -Not going to file-Not going to file

If parent ‘will file’, If parent ‘will file’, they’re given the they’re given the option to use an option to use an Income Estimator Income Estimator or their prior year’s or their prior year’s tax figurestax figures

They will be They will be instructed to instructed to enter final tax enter final tax data when data when available and available and use the IRS Data use the IRS Data Retrieval ToolRetrieval Tool

Income EstimatorIncome Estimator

Parent can Parent can choose a tax filing choose a tax filing status: status: -Already completed-Already completed -Will file-Will file -Not going to file-Not going to file

If parent ‘Already If parent ‘Already completed’ their completed’ their taxes, they’re taxes, they’re given the option given the option to manually enter to manually enter their tax figures their tax figures or download the or download the info from the IRS. info from the IRS. This feature is This feature is not available until not available until the first week of the first week of February.February.

Parent IncomeParent Income

IRS Data Retrieval ToolIRS Data Retrieval Tool

IRS Data RetrievalIRS Data Retrieval

• IRS can send tax data online directly to IRS can send tax data online directly to your FAFSAyour FAFSA

• Available early February for the 2015-Available early February for the 2015-2016 FAFSA processing cycle2016 FAFSA processing cycle

• Participation is voluntaryParticipation is voluntary

• Reduces documents requested by Reduces documents requested by financial aid officefinancial aid office

IRS Data RetrievalIRS Data Retrieval

• Electronically filed tax information will Electronically filed tax information will be available 2-3 weeks after the return be available 2-3 weeks after the return has been accepted by the IRShas been accepted by the IRS

• Data from paper tax returns will be Data from paper tax returns will be available on the IRS website in available on the IRS website in approximately 8-11 weeks after the IRS approximately 8-11 weeks after the IRS receives the returnreceives the return

• Balance due or amended returns will Balance due or amended returns will take considerably longertake considerably longer

Parent IncomeParent IncomeParent will Parent will enter any enter any information information on untaxed on untaxed income, income, current value current value of cash, of cash, savings and savings and checking checking accounts, and accounts, and net worth of net worth of current current investments investments and and businessesbusinesses

Student IncomeStudent Income

Students are also asked to provide the type of tax Students are also asked to provide the type of tax return they filed as well as their income earned and return they filed as well as their income earned and

taxes paid.taxes paid.

Student IncomeStudent Income

Applicant will Applicant will enter their enter their income hereincome here

Sign and Sign and

SubmitSubmit

Review or print a copy Review or print a copy of your FAFSA answers of your FAFSA answers here. Make necessary here. Make necessary changes now before changes now before submitting your submitting your application.application.

Enter your PIN number Enter your PIN number here to electronically here to electronically sign your FAFSA. If sign your FAFSA. If you’ve still not you’ve still not requested a PIN, you requested a PIN, you may do so here.may do so here.

Sign and Sign and

SubmitSubmitHit Hit Submit My Submit My

FAFSA Now FAFSA Now to to send your results send your results to the school(s) to the school(s) you’ve chosen. you’ve chosen.

Confirmation PageConfirmation Page

A Confirmation Page A Confirmation Page is shown after your is shown after your FAFSA has been FAFSA has been submitted submitted

It includes an It includes an estimate of your estimate of your Expected Family Expected Family Contribution (EFC)Contribution (EFC) and estimated and estimated eligibility for the Pell eligibility for the Pell Grant and Federal Grant and Federal Direct student Direct student loansloans

AFTER THE FAFSAAFTER THE FAFSA

After FAFSA SubmissionAfter FAFSA Submission

• You will be notified when your FAFSA is You will be notified when your FAFSA is processedprocessed

• Your FAFSA information will be made Your FAFSA information will be made available to your school(s), and they will available to your school(s), and they will use it to determine the aid you may be use it to determine the aid you may be eligible to receiveeligible to receive

• Your school(s) will contact you if they need Your school(s) will contact you if they need more information or when they are ready more information or when they are ready to discuss your financial aid awardto discuss your financial aid award

• If you have questions about your financial If you have questions about your financial aid package, contact your school(s)aid package, contact your school(s)

Student Aid Report (SAR)Student Aid Report (SAR)

• Summarizes your FAFSA informationSummarizes your FAFSA information

• Available to you after your FAFSA is Available to you after your FAFSA is processedprocessed

• Review the SAR for accuracy Review the SAR for accuracy

• The schools listed on your FAFSA will The schools listed on your FAFSA will also receive a summaryalso receive a summary

Making CorrectionsMaking Corrections

If necessary, corrections to FAFSA data If necessary, corrections to FAFSA data may be made by:may be made by:

•Using FAFSA on the WEB Using FAFSA on the WEB ((www.FAFSA.govwww.FAFSA.gov) if student has a PIN;) if student has a PIN;

•Updating items on the paper SAR; orUpdating items on the paper SAR; or

•Submitting documentation to the Submitting documentation to the college’s Financial Aid officecollege’s Financial Aid office

Frequent FAFSA ErrorsFrequent FAFSA Errors

• Social Security NumbersSocial Security Numbers

• Divorced/remarried parental informationDivorced/remarried parental information

• Income earned by parents/stepparentsIncome earned by parents/stepparents

• Untaxed incomeUntaxed income

• U.S. income taxes paidU.S. income taxes paid

• Household sizeHousehold size

• Number of household members in collegeNumber of household members in college

• Real estate and investment net worthReal estate and investment net worth

• Submit buttonSubmit button

Cost of AttendanceCost of Attendance

• An estimate of the total educational An estimate of the total educational expenses for a specific enrollment expenses for a specific enrollment periodperiod

• Includes average tuition, fees, books Includes average tuition, fees, books and supplies, room and board, and supplies, room and board, transportation and miscellaneous transportation and miscellaneous expenses at an individual schoolexpenses at an individual school

• Cost of Attendance (COA) may be Cost of Attendance (COA) may be different at each schooldifferent at each school

Expected Family ContributionExpected Family Contribution

• The Expected Family Contribution, or The Expected Family Contribution, or EFC, is calculated from the information EFC, is calculated from the information provided on your FAFSA, such as provided on your FAFSA, such as income, assets and family sizeincome, assets and family size

• Comprised of two componentsComprised of two componentsParent contributionParent contributionStudent contributionStudent contribution

• Same amount at every collegeSame amount at every college

Financial NeedFinancial Need

• The difference between the Cost of The difference between the Cost of Attendance (COA) and the Expected Attendance (COA) and the Expected Family Contribution (EFC)Family Contribution (EFC)

• School determines financial need School determines financial need based on data from your FAFSAbased on data from your FAFSA

• Financial aid awards are based on Financial aid awards are based on your financial needyour financial need


Cost of AttendanceCost of Attendance

-Expected Family ContributionExpected Family Contribution

- - Other Other AidAid


Award LetterAward Letter

• Sent by schools that have accepted Sent by schools that have accepted you and received your financial aid you and received your financial aid paperwork; lists types and amounts paperwork; lists types and amounts of aid you’re eligible to receiveof aid you’re eligible to receive

• You don’t have to accept everything You don’t have to accept everything you’re offered in the award letteryou’re offered in the award letter

• Submit any requested information to Submit any requested information to your school by the required deadlineyour school by the required deadline

Federal Financial AidFederal Financial Aid

Federal Pell GrantFederal Pell Grant•$5,730 annual maximum for 2014-2015$5,730 annual maximum for 2014-2015•Undergraduates without a bachelor’s degreeUndergraduates without a bachelor’s degree•Need-basedNeed-based

Federal Supplemental Educational Federal Supplemental Educational Opportunity Grant (FSEOG)Opportunity Grant (FSEOG)•$4,000 annual maximum for 2014-2015 $4,000 annual maximum for 2014-2015 •Undergraduates without a bachelor’s degreeUndergraduates without a bachelor’s degree•Priority given to Pell Grant recipients with Priority given to Pell Grant recipients with high financial needhigh financial need


Teacher Education Assistance for College Teacher Education Assistance for College and Higher Education Grant (TEACH)and Higher Education Grant (TEACH)•$4,000 annual maximum for 2014-2015$4,000 annual maximum for 2014-2015•Undergraduate and graduate students Undergraduate and graduate students •Fulfill teaching service in a high-need field, low-Fulfill teaching service in a high-need field, low-income school or educational service agencyincome school or educational service agency

Iraq and Afghanistan Service GrantIraq and Afghanistan Service Grant•Awarded to a student whose parent or guardian was Awarded to a student whose parent or guardian was in the U.S. Armed Forces and died in Iraq or in the U.S. Armed Forces and died in Iraq or Afghanistan after 9/11/2001Afghanistan after 9/11/2001•Undergraduate under 24 years of age or enrolled Undergraduate under 24 years of age or enrolled in college part-time at the time of parent or in college part-time at the time of parent or guardian’s deathguardian’s death•Recipient cannot be Pell Grant eligibleRecipient cannot be Pell Grant eligible


Federal Work-Study (FWS)Federal Work-Study (FWS)•Allows a student to earn money to help pay Allows a student to earn money to help pay educational expenseseducational expenses•Offers campus-based or community Offers campus-based or community employment opportunitiesemployment opportunities•Need-basedNeed-based


Federal Subsidized Student LoanFederal Subsidized Student Loan•$3,500/year maximum for Freshmen$3,500/year maximum for Freshmen•Government pays interest while a student is Government pays interest while a student is enrolled at least half-timeenrolled at least half-time•4.66% interest rate during 2014-20154.66% interest rate during 2014-2015•Need-basedNeed-based

Federal Unsubsidized Student LoanFederal Unsubsidized Student Loan•Additional Additional loans available to students who qualifyloans available to students who qualify•Interest starts to accrue after first disbursementInterest starts to accrue after first disbursement•4.66% interest rate during 2014-20154.66% interest rate during 2014-2015•Non-need basedNon-need based


Parent Loan for Undergraduate Parent Loan for Undergraduate Students (PLUS)Students (PLUS)•For parents of dependent studentsFor parents of dependent students•Parent borrower must be credit-worthyParent borrower must be credit-worthy•Interest starts to accrue after first Interest starts to accrue after first disbursementdisbursement•7.21% interest rate during 2014-20157.21% interest rate during 2014-2015•Non-need basedNon-need based

State Financial AidState Financial Aid

Oklahoma Tuition Aid Grant (OTAG)Oklahoma Tuition Aid Grant (OTAG)•Apply through the FAFSAApply through the FAFSA•Application deadline March 1Application deadline March 1•$1,000 annual maximum for public schools; $1,000 annual maximum for public schools; $1,300 annual maximum for private schools$1,300 annual maximum for private schools•Maximums shown for 2014-2015Maximums shown for 2014-2015•Need-basedNeed-based

State Financial AidState Financial Aid

Oklahoma’s PromiseOklahoma’s Promise

•Recipients receive free tuition at Oklahoma Recipients receive free tuition at Oklahoma public two-year colleges and four-year public two-year colleges and four-year universitiesuniversities

•Partial tuition provided at approved Partial tuition provided at approved Oklahoma private colleges and public Oklahoma private colleges and public technology centerstechnology centers

•Recipients must complete the FAFSA to Recipients must complete the FAFSA to receive their fundsreceive their funds

Things to RememberThings to Remember

• Complete the FAFSA every year you need Complete the FAFSA every year you need financial aid for collegefinancial aid for college

• Complete the FAFSA as soon after Complete the FAFSA as soon after January 1January 1stst as possible to meet deadlines as possible to meet deadlines

• Fill out the form online, if possibleFill out the form online, if possible

• Sign electronically with a Personal Sign electronically with a Personal Identification Number (PIN)Identification Number (PIN)

• Never pay to complete this form; it’s a Never pay to complete this form; it’s a FREE applicationFREE application

FAFSA.comFAFSA.com

FAFSA.com requires its users to payFAFSA.com requires its users to pay $79.99 $79.99 for this for this service.service.

Never pay to complete the FAFSA! Never pay to complete the FAFSA! Always use Always use FAFSA.gov.FAFSA.gov.

RESOURCESRESOURCES

UCanGo2.orgUCanGo2.org

StartWithFAFSA.orgStartWithFAFSA.org

Finish the FAFSA in Five Finish the FAFSA in Five StepsSteps

FAFSA FactsFAFSA Facts

Scholarship Success GuideScholarship Success Guide

Facebook.com/UCanGo2Facebook.com/UCanGo2

Oklahoma State Regents for Higher EducationOklahoma State Regents for Higher Education

OklahomaOklahoma CollegeCollege AssistanceAssistance ProgramProgramOutreach DepartmentOutreach Department

405.234.4239405.234.4239866.443.7420 (toll free)866.443.7420 (toll free)

[email protected]@ocap.org

fafsa f undamentals 2015-2016. paying for college paying for college no matter who you are, you can...

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